US-based ethernet device maker Tibit Communications confirmed on Monday it has raised $20m in a series B round led by Intel Capital, the corporate venturing arm of semiconductor technology provider Intel.
Founded in 2014, Tibit is developing a pluggable passive optical networking (PON) device that enables clients to deliver broadband access through a standard ethernet switch without needing application-specific hardware.
The funding will be used to commercially deploy the Tibit MicroPlug OLT device and to fund the research and development of additional pluggable devices which are planned for release later this year.
Dave Flanagan, senior managing director at Intel Capital, said: “Instead of expensive dedicated hardware boxes with proprietary software tied to a single vendor, users can access a broadband onramp managed virtually from the cloud to the home or office.
“This enables significant savings of cost and power and opens market opportunities to innovation.”
Tibit had previously received $13.8m in a January 2017 series A round featuring undisclosed strategic investors and network operators. The series B round represented one of 14 investments announced by Intel Capital earlier this month.